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In this paper, the demographic and investment profiles of business angels operating in the Czech Republic are evaluated based on a sample of 78 angel investors. This is the first attempt to use data on investor activities from the Pitchbook database, which has become increasingly popular in academic research. Beyond the framework of descriptive statistical analysis, a multidimensional statistical investigation using cluster analysis was conducted. The results show that there are two groups of angel investors in the Czech Republic. The first group is represented by investors who predominantly have a large active portfolio, as well as the number of total completed investments. On the other hand, the second cluster is made up of investors who conduct a smaller number of investments and are also in the position of the founder of a start-up. Not surprisingly, there are two main locations of angel investors in the Czech Republic, Brno and Prague. Both categories of typical investors are united by some demographic characteristics; for example, the market is dominated by middle-aged men with a completed Master’s degree in Economics who invest in start-ups in the field of information and communication technologies. The main contribution of the paper consists in evaluating the demographic and investment profiles of angel investors operating in the Czech business environment. The results of the research have implications for upcoming research, the informal venture capital industry, and public policy beyond the Czech business environment, while developing tools for fostering an angel ecosystem. In today’s globalized world, the boundaries of angel investors are often blurred. Just as start-ups have ambitions to expand internationally, informal venture capitalists are increasingly making cross-border deals. From the perspective of both investee firms and policy makers, it is thus important to know the profiles of not only domestic but also foreign business angels, e.g. with regard to the setting of public support for foreign capital inflows., U ovom se radu demografski i investicijski profili poslovnih anđela koji djeluju u Češkoj procjenjuju na temelju uzorka od 78 anđela ulagača. Ovo je prvi pokušaj korištenja podacima o aktivnostima investitora iz Pitchbook baze podataka, koja postaje sve popularnija u akademskim istraživanjima. Izvan okvira deskriptivne statističke analize provedeno je višedimenzionalno statističko istraživanje korištenjem klaster analizom. Rezultati pokazuju da u Češkoj postoje dvije skupine anđela ulagača. Prvu skupinu predstavljaju investitori koji pretežno imaju velik aktivni portfelj, kao i broj ukupno realiziranih investicija. S druge strane, drugi klaster čine investitori koji provode manji broj investicija te su također u poziciji osnivača start-upa. Nije iznenađujuće da postoje dvije glavne lokacije anđela investitora u Češkoj, Brno i Prag. Obje kategorije tipičnih investitora spajaju neke demografske karakteristike; na primjer, tržištem dominiraju sredovječni muškarci sa završenim magisterijem ekonomije koji ulažu u start-upove u području informacijskih i komunikacijskih tehnologija. Glavni doprinos rada sastoji se u procjeni demografskih i investicijskih profila anđela ulagača koji djeluju u češkom poslovnom okruženju. Rezultati istraživanja imaju implikacije na nadolazeća istraživanja, neformalnu industriju rizičnog kapitala i javnu politiku izvan češkog poslovnog okruženja te razvijaju alate za poticanje ekosustava anđela. U današnjem globaliziranom svijetu granice anđela investitora često su nejasne. Baš kao što novoosnovana poduzeća imaju ambicije međunarodnog širenja, neformalni rizični kapitalisti sve više sklapaju prekogranične poslove. Iz perspektive tvrtki u koje se ulaže i kreatora politika, važno je poznavati profile ne samo domaćih već i stranih poslovnih anđela, npr. s obzirom na postavljanje javne potpore za priljev stranog kapitala.

Private equity je oblik vlasničkog ulaganja u poduzeće koja ne kotira na tržištu kapitala, tj. burzi, a rizični kapital je podvrsta i jedna od strategija private equity-a prisutna kod financiranja startup-ova i poduzeća u ranoj fazi svog životnog ciklusa. Među ostalim najčešće korištenim strategijama private equity-a su preuzimanje s polugom, mezanin financiranje, rastući kapital i strategija ulaganja u poduzeća u poteškoćama. Empirijskom analizom razmatra se utjecaj odrednica na private equity ulaganja u Poljskoj, Češkoj i Hrvatskoj u razdoblju od 2009. do 2019. godine. Ekonomske odrednice čine: gospodarska aktivnost, inflacija, kamatne stope, nezaposlenost i tržišna kapitalizacije, dok neekonomske čine: korupcija i ekonomske slobode. Na temelju provedene višestruke linearne regresijske analize može se zaključiti da kamatna stopa, nezaposlenost i indeks korupcije utječu na private equity ulaganja u Poljskoj, dok rast BDP-a, inflacija, korupcija i ekonomske slobode utječu na private equity ulaganja Češkoj, a samo rast BDP-a utječe na private equity ulaganja u Hrvatskoj. Private equity is a form of equity investment in a company that is not listed on the capital market, i.e. the stock exchange. Venture capital is one of the private equity strategies used financing startups and early stage companies. Other commonly used private equity strategies include leveraged buyout, mezzanine financing, growth capital and turnaround. The thesis analyses the impact of determinants on private equity investments in Poland, Czech Republic and Croatia in the period from 2009 to 2019. Economic determinants include: economic activity, inflation, interest rates, unemployment and market capitalization, while non-economic determinants include: corruption and economic freedom. Multiple linear regression analysis showed that the interest rate, unemployment and corruption index affect private equity investments in Poland, while GDP growth, inflation, corruption and economic freedoms affect private equity investments in the Czech Republic, and only GDP growth affects private equity investments in Croatia.

Private equity je oblik vlasničkog ulaganja u poduzeća koja ne kotiraju na burzi. U radu su dane različite definicije private equity-a kao i objašnjenja za razlikovanje istog od rizičnog kapitala. Nadalje, istražuje se i analizira utjecaj ekonomskih i neekonomskih čimbenika na private equity ulaganja u Hrvatskoj. Ekonomske čimbenike čine: gospodarska aktivnost mjerena stopom rasta BDP-a, inflacija, kamatna stopa, nezaposlenost i tržišna kapitalizacija, dok neekonomske čimbenike čine: korupcija i ekonomska sloboda. Razdoblje koje je obuhvaćeno je od 2007. do 2017. godine. Nakon provedene višestruke regresijske analize, zaključeno je da gospodarsi rast, inflacija, tržišna kapitalizacija i ekonomska sloboda ne utječu na private equity ulaganja u Hrvatskoj, dok kamatna stopa, nezaposlenost i korupcija značajno utječu na private equity ulaganja u Hrvatskoj. Private equity is a form of equity investment in unlisted companies. The paper provides different definitions of private equity as well as explanations for distinguishing it from venture capital. Furthermore, the impact of economic and non-economic factors on private equity investments in Croatia is investigated and analyzed. Economic factors include: economic activity as measured by GDP growth rate, inflation, interest rate, unemployment and market capitalization, while non-economic factors include: corruption and economic freedom. The period covered is from 2007 to 2017. After conducting multiple regression analyzes, it was concluded that economic growth, inflation, market capitalization and economic freedom do not affect private equity investments in Croatia, while interest rate, unemployment and corruption significantly affect private equity investments in Croatia.

Predmet istraživanja ovog rada je upoznati se s pojmom rizičnog kapitala i njegovim povijesnim razvojem u svijetu, posebno u Sjedinjenim Američkim Državama. Također, prikazati razvoj ulaganja u Hrvatskoj i Izraelu od početaka do danas. Cilj je bio upoznati se s povijesnim razvojem rizičnog kapitala u dvije države, dati sliku o opsegu ulaganja, usporediti iznose i ostale bitne parametre za privlačenje novih ulaganja. Izrael je jedna od najuspješnijih zemalja u svijetu po privlačenjima ulaganja, dok je Hrvatska na samom početku razvoja ulaganja i korištenja sredstava rizičnog kapitala. U radu su se usporedili brojevi koji pokazuju velike razlike između dvije države te parametri koji utječu na indeks atraktivnosti budućih ulaganja. The subject of this study is private equity and venture capital and its historic development in the countries of the world, with the focus on United States of America. Afterwards, the objective is to show the development of private equity and venture capital in Croatia and Israel from its beginnings until the present day. The aim was to get acquainted with the historical development of venture capital in two countries, to give an idea of the volume of investments, to compare the selected data values and other important parameters for attracting new PE and VC investments. Israel is one of the most successful countries in the world in attracting venture capital investment, while Croatia is at the very beginning of the development of foreign investment and use of venture capital funds. The study compared selected data values showing large differences between the two countries and parameters affecting the attractiveness index for the future investments.

Rizični kapital predstavlja važnu stavku razvijenih gospodarstava te je ključan u razvoju inovativnosti proizovda i usluga. Ovakav tip financiranja posebice je od značaja za poduzeća koja nemaju pristup tradicionalnom dugovnom financiranju. Jedan od osnovnih problema prilikom proučavanja rizičnog kapitala je to što nema jedinstvene definicije za rizični kapital i pojmove koji se vežu uz njega što stvara veliku pomutnju oko terminologije i zato je često pogrešno shvaćen ili je metodologija prikupljanja podataka neusporediva što vodi do pogrešnih zaključaka i mjerenja. U ovome radu pokušava se dati jasnije objašnjenje za pojmove vezane uz rizični kapital prema stručnoj literaturi ali i zakonodavstvu, daje se pravni okvir, analiziraju se PE ulaganja u Hrvatsku te se analizira VCPE indeks atraktivnosti Hrvatske u odnosu na zemlje srednje i istočne Europe. Dolazi se do zaključka kako su ulaganja u Hrvatsku ispod prosjeka zemalja srednje i istočne europe, vrijednost VCPE indeksa je niža od vrijednosti prosjeka zemalja Istočne Europe te je trend kretanja VCPE indeksa Hrvatske negativan. Private equity and venture capital represent important items in economies of developed countries and are considered key components for innovation of new products and services. This type of financing is of special importance for companies that do not have access to traditional loan financing. One of the main problems when studying PE/VC is the lack of uniform definition of terms private equity and venture capital and that is why they are often understood in a wrong way or methodology for tracking data related to them is non-comparable which leads to wrong conclusions and misleading measurements. This paper tries to provide a clearer explanation for terms related to PE and VC according to scientific literature and legislation; it analyzes PE investments in Croatia, and it analyzes VCPE index of attractiveness for Croatia in comparison to other countries in CEE region. It is concluded that PE investments in Croatia are below average of other CEE countries, VCPE index of attractiveness score is lower for Croatia than for CEE region and trend of VCPE index of attractiveness for Croatia is negative.

Poslovni anđeli su uspješni poduzetnici i lideri kompanija koji osiguravaju početni kapital za financiranje poduzetničkih projekata visokog rizika. Imaju poduzetnička iskustva i znanja te motive profita i prenošenja znanja. Najveća vrijednost poslovnih anđela jest “pametno financiranje” - pružanje ekspertize, vještina i poslovnih kontakata. Poslovni anđeli prvenstveno ulažu u sektore koje razumiju i u regiju koju poznaju. Imaju itekako važan doprinos u razvoju gospodarstva i tehnološkom napretku jer osiguravaju rizični kapital. Na europskom tržištu najviše se putem poslovnih anđela ulaže u Ujedinjenom Kraljevstvu i Njemačkoj u posljednjih par godina, dok najveći rast ulaganja bilježe Turska i Rusija. Hrvatska je daleko ispod prosjeka ulaganja poslovnih anđela u BDP-u na tržištu Europe. Business angels are successful entrepreneurs and business leaders who provide initial capital for the financing of high risk entrepreneurial projects. They have entrepreneurial experiences and knowledge, motives to transfer knowledge. The greatest value of business angels is "smart financing" - providing expertise, skills and business contacts. Business angels primarily invest in the sectors that they understand in the region they know. They have a very important contribution to the development of the economy and technological progress because they provide venture capital. In the European market, most of the business angels invested in the United Kingdom and Germany in the last couple of years, while Turkey and Russia have the largest growth in investment. Croatia is far below the average investment of business angels in GDP in the European market.

Cilj ovoga rada bio je upoznati se s pojmom rizičnog kapitala i analizirati ulaganja rizičnog kapitala u Hrvatskoj. U radu su približene karakteristike private equity i venture capital ulaganja, njihove različite definicije, vrste, oblici, te razlike. Rezultati provedene analize ulaganja rizičnog kapitala u Hrvatskoj su doveli do toga da se polako počela buditi svijest o ulaganju rizičnog kapitala, počinje se prepoznavati važnost rizičnog kapitala na gospodarski razvitak te se počinju provoditi poticajne mjere. Iako se počela buditi svijest o važnosti rizičnog kapitala još uvijek je veliki problem zaštita ulagača, poduzetnička kultura, lose socijalno i ekonomsko okruženje. Jedna od bitnijih stavki je da Hrvatska treba početi maksimalno iskorištavati sve mogućnosti i poslovne prilike. The purpose of this work was to get acquainted with the term of venture capital and to analyze venture capital investments in Croatia. In this paper, we have introduced the characteristics of private equity and venture capital investments, their different definitions, types, forms, and differences. The results of the analysis of venture capital investment in Croatia have led to a rising awareness of venture capital investment, the importance of venture capital becomes recognizable to economic development, and stimulating measures are being implemented. There is still a big problem of investor protection, entrepreneurial culture, poor social and economic environment.One of the most important things is that Croatia should start to exploit all business opportunities.

Mala i srednja poduzeća opterećena su pronalaţenjem financijskih izvora. Financijske institucije kreditiranje takvih poduzeća percipiraju visokorizičnim uz visoke transakcijske troškove i mali povrat na uloţenu imovinu. Problem istraţivanja odnosio se na prikaz trenutnog stanja trţišta rizičnog kapitala u Hrvatskoj. Cilj završnoga rada bio je definirati alternativne izvore financiranja s posebnim naglaskom na rizični kapital te analizirati trenutno stanje. Provedena analiza ulaganja u Hrvatskoj preko rizičnog kapitala, odnosno fondova gospodarske suradnje, poslovnih anĎela i crowdfundinga pokazala je da se potencijal tih alternativnih izvora financiranja na domaćem trţištu već prepoznao. MeĎutim, glavna prepreka maksimalnog iskorištavanja potencijala takvih izvora financiranja leţi u financijskom sustavu, gdje je potrebno napraviti odreĎene reforme, ali i u nedovoljnoj informiranosti interesnih skupina. Small and medium-sized enterprises are burdened by finding financial resources. Financial institutions lending to such companies perceived them as high risk companies with high transaction costs and a small return on invested assets. The problem of research was to present the current venture capital/private equity market situation in Croatia. The aim of the final work was to define alternative financing sources with special emphasis on venture capital/private equity and to analyze the current situation. The analysis of investments in Croatia through venture capital, ie economic co-operation, business angels and crowdfundings, has shown that the potential of these alternative sources of financing on the domestic market has already recognized. However, the main obstacle to maximizing the potential of such sources of funding lies in the financial system, where specific reforms are needed, but also in insufficient information of interest groups.

Predmet proučavanja ovog završnog rada je rizični kapital koji se odnosi na financiranje poduzeća u ranoj fazi razvoja s visokim potencijalom rasta. Kao takav doprinosi otvaranju novih radna mjesta kroz poticanje propulzivnih poduzeća orijentiranih na visok rast, povećava produktivnost i konkurentnost financiranih poduzeća na tržišnim principima. Rizični kapital nastao je u Sjedinjenim Američkim Državama, a američke tvrtke tradicionalno su najveći sudionici ulaganja u rizični kapital. Međutim, sve su veća ne-američka ulaganja, a broj i veličina ne-američkih venture kapitalista se širi. Unutar Europe postoje velike razlike u ulaganjima rizičnog kapitala a posebno se ističe zaostajanje zemalja Srednje i Istočne Europe za takvom vrstom financiranja. CEE zemlje polako izlaze iz faze tranzicije te razvijaju poduzetnički duh koji će im omogućiti da iskoriste svoje mogućnosti. The subject of this final study is venture capital, which concerns the financing of early stage companies with high growth potential. As such, it contributes to the creation of new jobs by encouraging high-growth propulsive companies, increasing the productivity and competitiveness of funded companies on the market principles. Venture capital was created in the United States, and US companies are traditionally the largest participants in venture deals. However, non-US investments are increasing and the number and size of non-American venture capitalists is expanding. Within Europe, there are big differences in venture capital investments with particular emphasis on the lagging behind of Central and Eastern Europe for such a type of financing. CEE countries are slowly coming out of the transition phase and they develop an entrepreneurial spirit that will enable them to take advantage of their opportunities.

Mala i srednja poduzeća su generator rasta i razvoja ekonomije, inovativnosti i konkuretnosti. Osim toga statistički čine veliki broj u ukupnom broju pravnih i fizičkih osoba koje obavljaju registriranu djelatnost. Međutim, činjenica je da kada mala i srednja poduzeća iscrpe sredstva koja im stoje na raspolaganju od obitelji, prijatelja i budala (eng. Family, Friends and Fools – 3F) dolaze u situaciju nemogućnosti dobivanja financijskih sredstava od formalnog financijskog tržišta. Upravo ovdje nastupa rizični kapital koji predstavlja rješenje za financijski jaz koji za većinu poduzetnika može značiti i prestanak poslovanja (ne nužno likvidaciju nego prodaju). Rizični kapital traži inovativne poduzetnike početnike ili poduzetnike koji trebaju financijsku injekciju za daljnje širenje i osvajanje tržišta. Kao takav rizični kapital nije fokusiran primarno na povrat sredstava već gleda potencijal. Small and medium-sized enterprises are the generator of growth and development of the economy, innovation and competitiveness. In addition, they have a statistically significant number in the total number of legal registered activity. However, the fact is that small and medium-sized companies exhaust their available resources from Family, Friends and Fools (3F), they are in a situation of impossibility of obtaining financial resources from the formal financial market. It is here that risky capital is present, which is the solution to the financial gap that can mean the end of business for most entrepreneurs (not necessarily liquidation but sales). Risk capital requires innovative entrepreneurs or entrepreneurs who need financial injection for further expansion and market conquest. As such, risk capital is not primarily focused on return on assets but is looking at potential in future.

U ovom završnom radu proučava se rizični kapital koji je kao izvor financiranja još uvijek najrazvijeniji u SAD-u. No polako se razvija i u ostalim zemljama, te dolazi do povećanja broja ulaganja čiji pozitivni rezultati utječu na zainteresiranost ostalih poduzetnika za ovim tipom financiranja. Rizični kapital predstavlja jednu od nezaobilaznih komponenti imovine institucionalnih investitora na razvijenim tržištima. Promijenjeni uvjeti na tržištu pridonose značajnom porastu ulaganja rizičnog kapitala. Rizični kapital je bitan čimbenik u razvijanju ekonomije i gospodarstava. U empirijskom dijelu rada se uspoređuje ulaganje rizičnog kapitala između Njemačke i Engleske u razdoblju od 2007. – 2013. godine. Rezultati istraživanja ovog rada su doveli do zaključka da se počinje buditi svijest o ulaganju rizičnog kapitala te da pojedine države polako počinju prepoznavati važnost rizičnog kapitala u gospodarstvu, donoseći razne poticajne mjere. In this final paper the venture capital that is a source of financing is still the most developed in the United States. But slowly evolving in other countries, and increasing the number of investments whose positive results affect the interest of other businesses for this type of financing. Venture capital is one of the most interesting components of the assets of institutional investors in developed markets. The changed market conditions contribute to the significant increase in venture capital investment. Venture capital is an important factor in the development of the economy and the economy. 41 In the empirical part of the paper compares venture capital investment between Germany and England in the period 2007 - 2013 year. The results of this study led to the conclusion that it starts to raise awareness on the investment of venture capital, and that some countries are slowly beginning to recognize the importance of venture capital in the economy, bringing a variety of incentives.

Ulaganja poslovnih anđela uvelike ovise o njihovim obilježjima koja su za hrvatske poslovne anđele uvelike nepoznata. Cilj rada je bio istražiti karakteristike hrvatskih poslovnih anđela, budući da su one zasada nepoznate te usporediti ih s karakteristikama poslovnih anđela u UK. Na temelju istraživanja, može se zaključiti da su svi poslovni anđeli u RH muškarci, starosti 35-64 godine. Većina ispitanika ima investicijsko iskustvo duže od 15 godina, pritom su najčešće investirali 100.000,00-250.000,00 kn u fazi razvoja poduzeća. Usporedbom rezultata istraživanja provedenog u RH te istraživanja provedenih u UK, može se zaključiti da u RH vlada deficit žena poslovnih anđela. Hrvatski poslovni anđeli u imaju duže investicijsko iskustvo te u veći prosječan broj investicija po poslovnom anđelu. Pritom poslovni anđeli u RH ulažu u ranijim fazama razvoja, ali ne preferiraju sindicirano ulaganje. Business angels investments mostly depend on their characteristics which are unknown for Croatian business angels. The main aim of this work was to find out the chracteristics of Croatian business angels and to compare thoose with characteristics of business angels in UK. According to the results of the research, it can be concluded that all business angels in Croatia are male, old between 35 and 64 years. Most of the examinees have an investing experience longer than 15 years, they have mostly invested 100.000,00-250.000,00 HRK at start-ups. Comparing the results of research in UK and Croatia, it can be concluded that there is a deficit of women business angels in Croatia. Croatian business angels have longer investing experience and higher average of investments by every business angel. While Croatian business angels are investing at earlier stages, they don't prefer sindicated investing.

Private equity je oblik ulaganja kojim, prvenstveno institucionalni investitori, ulažu svoj kapital u poduzeća koja ne kotiraju na burzi. Venture capital (rizični kapital) je vrsta private equity ulaganja u mlada start-up poduzeća kojim se poduzetnicima pruža potreban kapital i stručno znanje u pokretanju posla. Što se tiče ulaganja u private equity i rizični kapital kao oblik financiranja start-up poduzeća na području Zapadnog Balkana, ovaj oblik je još uvijek slabo zastupljen. To sve potvrđuje VCPE indeks atraktivnosti koji je u odnosu na ostatak Europe izuzetno nizak. Zapadni Balkan ima mnogo potencijala za razvoj ovog oblika ulaganja, ali još uvijek se bori sa mnogim problemima kao što su loše ekonomsko i socijalno okruženje, slaba razvijenost tržišta kapitala i što je potencijalnim investitorima najvažniji segment, slaba je zaštita ulagača te poduzetnička kultura i poslovne mogućnosti nisu maksimalno iskorištene. Private equity is a type of investment so that investors invest their capital in private companies that are unlisted in the market. Venture capital is a type of investment in start-up companies. Entrepreneurs invest they expertise and capital to start or improve the operations of the company. This sort of investment is poorly represented in the Western Balkans, as confirmed by the VCPE index attractiveness. So compared to the rest of Europe, VCPE index is extremely low in this area. Although the Western Balkans has great potential for development of this type investment, still struggling with problems such as poor social and economic enviroment, the insufficient development of the capital market and the potential investors the biggest problem is poorly developed entrepreneurial culture, than the business opportunities that are not maximally exploited an the very protection of investors is extremely weak.

Determining cost of capital : #the #key to firm value